President Biden experienced a decline in income as he campaigned for, and assumed, the presidency during tax year 2020.
The president and the First Lady reported adjusted gross income of $607,336 in 2020, the White House said in a statement on Monday. They paid $157,414 in federal income tax and their 2020 effective federal income tax rate is 25.9 percent.
They donated 5.1% of their total income to 10 charities.
The Bidens reported AGI of about $985,000 the year prior.
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As previously reported by FOX Business, Biden and his wife earned about $15 million in the two years after they left the White House following Biden’s term as vice president. The Bidens’ total income was $11 million in 2017 and about $4.6 million in 2018.
Donald Trump made no secret that he lost out on income during his tenure in the Oval Office.
In 2019, for example, the former president estimated that it had cost him anywhere between $2 billion and $5 billion to serve as president.
“I would’ve made a fortune if I just ran my business – I was doing it really well,” Trump said at the time.
Trump’s fortune dropped to $2.4 billion in 2021 from $3.5 billion in 2017, according to Forbes.
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Trump, however, controversially never released his tax returns during his presidency, which the White House appeared to hint at on Monday.
“Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition,” the White House said.
Vice President Kamala Harris and the Second Gentleman Doug Emhoff reported an adjusted gross income of $1,695,225.
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